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Inflation soon will become the focus of the investment world and drag gold up
6:47p ET Friday, May 7, 2004
Dear Friend of GATA and Gold:
GATA consultant Reginald H. Howe, proprietor of
GoldenSextant.com, has made improvements at his
Internet site and has added the full text of
the March 1982 report of the U.S. Gold
Commission.
Howe prefaces the report with an insightful
commentary of his own, remarking, in part:
"Today, with gold long since banished to the
outer fringes of discourse on monetary theory,
what seems remarkable is not that the commission
rejected a gold standard but rather that the
subject was officially discussed at all.
"As the drafters of the minority report well
understood, at root the monetary discussion
represented a clash between two radically
different notions of the proper role of the
national government: the limited, night-watchman
state of libertarian theory versus the
welfare-warfare state of current usage.
"Adoption of a gold standard would eliminate fiat
money inflation, the covert funding mechanism on
which the contemporary state depends. It would
shrink the state and reduce the power of its
officials to a degree unthinkable to the
contemporary political mind.
"So there was never a realistic possibility that
a majority on a 17-member panel that contained,
among others, two U.S. senators, four U.S.
representatives, three members of the Board of
Governors of the U.S. Federal Reserve, two members
of the President's Council of Economic Advisers,
and the secretary of the treasury, would ever have
voted for the discipline of a gold standard."
You can find Howe's commentary here:
http://www.goldensextant.com/commentary27.html#anchor25411
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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http://www.a1-guide-to-gold-investments.com/euro-vs-dollar.html
http://www.investmentrarities.com
http://www.kuik.com/KH/KH.html
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Ted Butler silver commentary archive:
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